15 most expensive U.S. neighborhoods
South of Market (SoMa) is not just a historic downtown district in San Francisco; it’s an urban tapestry woven with museums, a pulsating nightlife scene, and an architectural blend of loft-style dwellings and towering luxury condos. As of December 2023, SoMa has risen to prominence as the most expensive neighborhood in the United States, when measured by price per square foot. This is according to a comprehensive analysis conducted by the real estate portal, Homes.com.
The price per square foot in South of Market stands at an astonishing $5,415, a figure that is approximately 2,000% higher than the national average of $244. This significant price point reflects the unique combination of cultural richness, architectural innovation, and the area’s premium status in the heart of San Francisco.
The top 15 most expensive U.S. neighborhoods, as ranked by price per square foot, are:
- South of Market, San Francisco: $5,415
- Northwest Auburn, Auburn, California: $4,416
- Old Town Carpinteria, Carpinteria, California: $4,129
- Downtown Bellevue, Bellevue, Washington: $3,619
- Port Royal, Naples, Florida: $3,375
- Aqualane Shores, Naples, Florida: $3,132
- Stinson Beach, California: $2,988
- Star, Palm & Hibiscus Islands, Miami Beach, Florida: $2,861
- Crystal Cove, Newport Beach, California: $2,771
- Casa del Lago, Palm Beach, Florida: $2,754
- West Village, New York City: $2,680
- Metropolitan Hill, New York City: $2,537
- Fisher Island, Miami: $2,511
- Hudson Square, New York City: $2,401
- Jupiter Island, Florida: $2,394
San Francisco’s dominance
San Francisco’s dominance in this list with its South of Market neighborhood is indicative of the city’s lofty real estate market, driven by limited land availability and a high concentration of affluent professionals. The median home price in San Francisco stands at $1,180,000, according to Homes.com.
Approximately 120 miles northeast of San Francisco is the second most expensive neighborhood, Northwest Auburn in California, where the cost per square foot is $4,416. Auburn, a charming town set in the Sierra Nevada foothills and known for its Gold Rush history, offers a blend of historical intrigue and modern living. It’s increasingly popular among those who value both proximity to nature and access to urban amenities, being within commuting distance to Sacramento.
Third on the list is Old Town Carpinteria in California, priced at $4,129 per square foot. Carpinteria, nestled between the mountains and the sea, is a scenic coastal town where the limited space contributes to the high property values. The historic Old Town district boasts a median home cost of $905,500, as per Homes.com.
Homewood North in Pittsburgh, Pennsylvania
In stark contrast, Homewood North in Pittsburgh, Pennsylvania, ranks at the bottom among the 20,000 neighborhoods analyzed in the study, with an average home price of just $29 per square foot. This neighborhood is marked by economic challenges and a declining population.
David Clark
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